Megan Tewkesbury

When it comes to choosing the right mortgage for you, one of the biggest decisions is which rate to go with. The best place to start is by understanding the difference between the 3 options. Time to break it down!

Fixed Rate: A fixed rate is exactly what it sounds like. You lock in at this rate, which is commonly offered for 1-5 year terms. With a fixed rate, your rate never changes throughout the term no matter what happens in the wider financial market. Your payment is the same every month, with the amount of principal and interest never changing. See an example of a fixed rate Amortization schedule below!